So far, a total of 35 incidents have been reported where the Note 7 caught fire while charging. After further investigation, the battery was found to be the cause of the problem. Only one in 42,000 units is affected by this problem, but Samsung isn't taking any chances.

If you own one of the recalled models, Samsung is saying it will replace them. However, it's not saying how. As of now, around 2.5 million Note 7 smartphones have been shipped, and the phones are still available as retailers scurry to remove them from shelves.

Some retailers have acted more quickly than others. T-Mobile, AT&T and Sprint have already removed the Note 7 from their websites, and most stores that carry the Note 7 have discontinued sales. Still, representatives from Consumer Reports were able to find the Note 7 available for purchase in a Best Buy location in New York City, which proves they're still out there.

Anyone who bought the Galaxy Note 7 will be able to exchange their phone as early as next week, according to Samsung. Details on how this exchange will take place are still not clear. However, we do know that they will vary based on your location.